Core insurance vocabulary tested on state licensing exams.
40 cards · basic cards · AI-written, checked twice. Edit anything.
- What is a deductible?
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The amount the insured must pay out-of-pocket before insurance coverage begins- What is a premium?
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The periodic payment required to maintain insurance coverage- What is a claim?
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A request by the insured for payment under the terms of an insurance policy- In insurance, what does 'coverage' mean?
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The scope of risks or losses protected by an insurance policy- What is a coinsurance clause?
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A provision requiring the insured to maintain coverage at a certain percentage of property value- What is a rider?
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An attachment to an insurance policy that modifies or adds coverage- What does 'lapsed' mean for a policy?
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The policy has ended due to non-payment of premiums- What is liability insurance?
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Coverage for legal responsibility for bodily injury or property damage caused to others- What is property insurance?
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Coverage for damage or loss to property owned by the insured- What does homeowners insurance cover?
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Protection for the dwelling, personal property, liability, and additional living expenses for a residential property- What is collision insurance?
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Auto coverage for damage to the insured's vehicle resulting from collision with another vehicle or object- What is comprehensive insurance?
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Auto coverage for vehicle damage from causes other than collision, such as theft or weather- What is health insurance?
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Coverage for medical and healthcare expenses, including doctor visits, hospitalizations, and medications- What is disability insurance?
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Coverage that replaces a portion of income lost due to inability to work from illness or injury- What is workers compensation insurance?
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Coverage providing medical benefits and wage replacement for employees injured or becoming ill due to work
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